The Central Bank of Nigeria (CBN) has announced a forthcoming Monetary Policy Meeting.
This crucial meeting is aimed at addressing the country’s surging inflation and economic challenges.
As detailed in a notice on the CBN’s website on Tuesday, the meeting is scheduled for next week, spanning from Monday to Tuesday.
This meeting will be the 296th session of the Monetary Policy Committee (MPC) and the fourth under the leadership of Governor Olayemi Cardoso, who took office in September 2023.
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The MPC has consistently adopted tightening measures, resulting in an increase in the interest rate to 26.25 percent in May, up from 18.75 percent in May 2023.
Despite requests from financial sector stakeholders to halt further rate hikes, the CBN has continued to raise interest rates.
The Centre for the Promotion of Private Enterprise has asked the CBN to stop raising rates so that businesses can recover from earlier hikes.
This notice follows reports of Nigeria’s headline and food inflation rates rising for the 19th consecutive month, reaching 34.19 percent and 40.87 percent, respectively, in June 2024.
